[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciodeca5586":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciodeca5586","砸5000亿给客户兜底？英伟达这次到底在赌什么？","\u002Fdoc\u002Fdciodeca5586","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>英伟达现在正计划参与一项高达\u003C\u002Fspan> 5000 \u003Cspan>亿美元的数据中心融资项目。他们不仅给硬件、给技术、给生态支持，甚至还愿意在部分项目里兜底最高\u003C\u002Fspan> 25% \u003Cspan>的风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>看到这儿你可能会问，英伟达为什么要花这么大的代价去做这件事？\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>很简单，因为卖芯片只能赚一次钱，但帮\u003C\u002Fspan> AI \u003Cspan>工厂搞定资金和需求，却能换来长期的利润分成。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这\u003C\u002Fspan> 5000 \u003Cspan>亿最核心的逻辑，根本不是数字多大，而是英伟达第一次把华尔街的钱、自己的\u003C\u002Fspan> GPU \u003Cspan>订单，还有未来长期的现金流，全装进了同一个商业闭环里。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>按照英伟达的设定，只要数据中心的收入超过了保底线，剩下的利润他们就能拿分成。因为芯片在第一次卖出去的时候就已经算完成本了，后面拿到的分成几乎没有任何额外支出，这相当于一笔高毛利的“算力年金”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>大摩做过一个测算，如果英伟达对超出保底的收入抽成\u003C\u002Fspan> 35%\u003Cspan>，到\u003C\u002Fspan> 2029 \u003Cspan>财年，能给每股收益带来\u003C\u002Fspan> 10% \u003Cspan>以上的增量。英伟达现在不光是卖设备，它还在帮项目方找钱、拉客源、保底利用率，最后再从未来的收益里持续提成。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>所以，这件事真正的投资逻辑，就是英伟达正在把一次性的硬件销售，升级成“卖\u003C\u002Fspan> GPU + \u003Cspan>算力兜底\u003C\u002Fspan> + \u003Cspan>收入分成”的三重收益。如果这套模式跑通了，英伟达就不再只是个芯片公司，而是直接变成了全球\u003C\u002Fspan> AI \u003Cspan>基础设施的运营商。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>当然，这里的风险也很明确。\u003C\u002Fspan>5000 \u003Cspan>亿只是潜在的融资规模，每个项目都得单独审批，不是说这笔钱立马就能全落地。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>至于以前市场担心的“英伟达掏钱给客户，客户再买英伟达\u003C\u002Fspan> GPU\u003Cspan>”这种左手倒右手的循环融资问题，现在引入了第三方机构独立审核，确实透明了不少，但风险并没有消失，只是从英伟达自己扛，变成了和华尔街一起分担。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>总的来说，英伟达正在重新定义自己的商业模式。它撬动的盘子越来越大，但未来的股价和业绩，也必然会和整个\u003C\u002Fspan> AI 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]